First, Apple does not recommend going back to the previous Mac OS ROM file.
Your confusion results from the incorrect information being displayed in the Product Information section of Apple System Profiler 2.1.2.
Mac OS ROM file version as seen in Apple System Profiler 2.1.2 under Production Information:
iMac Update 1.0 1.1.5
iMac Update 1.1 1.1b2
This is not correct.
Use the information found in About This Computer or the Get Info box for the Mac OS ROM file to see what it should say.
After installing the iMac Update 1.1, About This Computer states that the Mac OS ROM file is version 1.2.1.
You can also use the USB section of "Devices and Drivers" of Apple System Profiler. If you have the iMac Update 1.1 installed the USB version will show up as 1.1. If you see 1.0.1 or 1.0, then you have an older Mac OS ROM file on your iMac and should install the update.